- Accepts traders from most countries including USA
- $10 minimum deposit
- Automated trading
- Regulated brand
- Very low spreads
- Free education
- Free daily signals
- 100% loyalty deposit bonus
- No WebTrader platform
- Support not available on weekends
Introduction or Skip Content and Read the Bottom Line!
PaxForex is an online FX and CFD broker that started its operations way back in 2010.
It is among the very few brokerages in the market today that continue to support traders from almost any country including those from the United States.
It’s an interesting fact because there are actually a limited number of brokers left in this particular industry that still accept US traders.
But aside from this advantage, is there anything else that could convince us to trade with PaxForex?
This comprehensive review has been done to address all of your concerns and questions about the performance, credibility and reliability of this broker,
Did we just say “comprehensive”?
Don’t worry because we’re not going to make this a lengthy and complicated review.
What you’ll get from us are straightforward details that are based on actual tests and facts.
Ready to know more about PaxForex?
Then let’s get the ball rolling…
|Platform||MetaTrader 4, Mobile Trading, MT4 Multiterminal|
|Minimum account size||$10|
|Minimum lot size||0.0001|
|Spread on EUR/USD||0.4 pips|
|Payment methods||Credit and Debit Cards, Neteller, Bank Transfer, Skrill/Moneybookers, Perfect Money, WebMoney, QIWI, FasaPay, Uphold, Bitcoin, Ethereum|
|Accepts US traders||Yes|
|Regulated||FSA (St. Vincent & the Grenadines)|
|Support||Phone, Email, Live Chat, Telegram|
How to register with PaxForex?
Signing-up for an account won’t take much of your time.
The initial step of the registration process will ask you to provide these personal details:
- First and last name
- Email address
- Phone number
Here’s the deal:
You can also fill-in the form using the details that you used in your Facebook or Google accounts.
This will make the process faster since it will simply pull-out these details rather so you can proceed to the next step.
PaxForex accepts clients from across the globe and this includes USA traders.
It’s a rarity to find a forex and CFD brokerage that still accepts US-based users which is why this is definitely good news for those who are in the big apple.
The second part is verifying your phone number.
PaxForex will send an activation code to your number via SMS so be sure to have your phone with you during sign-up so you can receive this code and confirm it.
The last step is the registration confirmation wherein you will be asked to check the email that they will send to your inbox and click on the link to complete the sign-up process.
Remember: Check your spam folder in case you don’t see their message in your primary mailbox.
This who process is the standard procedure to open an account with an online broker and the information that they will require from you are very basic so it won’t take long for you to accomplish it.
Decided already to sign-up with PaxForex?
No need to open another window or browser just to do that because we can take you directly to their registration page.
Just click on this button and you’ll be directed to the sign-up form via their website:
Account Types 10/10
There are different types of accounts created based not only on the amount initially deposited but also on experience level.
This makes it convenient for PaxForex clients to select the most suitable account for them since they are given the appropriate risk exposures, trading conditions and perks.
Below are the available account types to choose from when you open an account with this broker:
- Cent – This is ideal for newbies to trading and the initial deposit requirement is just $10. With this account type, you can trade real money with very low risks.
- Mini – This is another type of account which is also ideal for novice traders as it won’t expose them to high risks. According to their site, most of their traders usually start trading with the Mini account which has an initial deposit requirement of $100.
- Standard – If you’ll deposit anywhere from $2,000 t0 $9,999 then you’ll be assigned with this account type. The Standard account is more suitable for professional traders or those who already have a trading experience.
- VIP – This is assigned for those who are used to high-volume trading and who will make deposits of $10,000 or higher. It comes with exclusive perks such as lower spreads, your own personal account manager and more.
Here’s the deal:
All accounts get complete access to their MT4 platforms along with all the integrated features such as charts, technical indicators, automated trading and more.
But wait, there’s more…
There’s also an Islamic or swap-free account which are created for traders who are following the Muslim faith.
This special account is FULLY compliant with the Sharia law so a settled financing charge is applied on the account rather than the standard swap.
And to top it off:
They offer a lucrative 100% loyalty deposit bonus!
Here’s the deal:
They will match your deposit with bonus money when you make a deposit of $1,200 or higher.
This bonus is paid out for a period of 1 year with the initial payment being credited on the account once the deposit has been cleared.
Furthermore, this is stackable so you’re still eligible to get another loyalty bonus should you decide to make a second deposit of $1,200 or more.
Demo Account 10/10
Let’s not forget:
Using a demo account is not just for the sole purpose doing a quick test of the platform.
With this feature, you’ll be able to explore the whole interface if you’re a newbie and test your strategies and skills if you already have the trading experience.
You’ll be able to experience the actual trading environment even while on demo mode so basically, the difference is that you’re using virtual funds rather than your real money so there’s absolutely no risk.
And once you feel that you’re ready and confident to enter live trading then you can easily do so by simply changing the platform into live mode.
Best of all…
The demo account is FREE!
That means you won’t be required to pay for anything for you to access this very useful feature.
How to access the PaxForex demo account?
- Open the PaxForex MT4 application and click on “File”.
- Then, click on “Login to Trade Account”.
- A small pop-up window will appear where you need to enter your login and password.
- After entering your details, click on “Server”, choose “PaxForex-Demo Server” and click the “Login” button.
- The platform will then change into demo trading mode.
Payment Methods 10/10
Transferring funds to a PaxForex account is very simple and not a complicated task.
What’s even better is that they support a selection of trusted payment methods so you’ll have plenty of ways to make a deposit into your account.
You’ll be able to cash-in using the following payment systems:
- Credit and Debit Cards
- Bank Transfer
- Perfect Money
As you can see from the list above, the most common options are available but what’s also noticeable is that they also popular online methods and that includes payments via cryptocurrencies (Bitcoin and Ethereum).
And take note:
If you’re from the US, PaxForex supports deposits via bankwire, Skrill, Uphold, Bitcoin and Ethereum only.
Some good news:
There are no deposit fees!
However, it is important to check if your selected payment systems might charge you but the good news is that all fees are recovered by PaxForex if you make a deposit of $300 or higher excluding bank transfers.
So how long does it take to see the funds in your PaxForex account?
The processing time depends on the payment method you used but generally, it won’t take much time.
Deposits done via credit/debit cards, Neteller, Skrill/Moneybookers, Perfect Money, WebMoney, QIWI, FasaPay only take 1 hour while bank transfers take around 3 to 5 business days.
If you’re going to deposit via Bitcoin or Ethereum, the funds are processed during the day.
Minimum Deposit 10/10
Every account type has its own minimum deposit requirement:
- Cent: $10
- Mini: $100
- Standard: $2,000
- VIP: $10,000
Looking at the list above, the lowest amount that a newbie can start with is $10 which is definitely a reasonable amount especially for those who are planning to start with a small capital.
If you’re a beginner then you have the option to choose from either the Cent or Mini account.
Below is a screenshot of the $100 initial deposit that we made for our Mini account via bank wire:
The minimum deposit requirements for each account type are reasonable since every account has been designed based on the client’s experience level and expected trading volume and not just on the fund that will be transferred.
Now get this:
You’ll be able to access all of their platforms REGARDLESS of your account type.
And what makes it more convenient is that you’re not limited to trading on a single device or PC because they offer a suite of MetaTrader 4 platforms that can be installed on desktops, laptops, tablets and smartphones/PDA’s.
This includes the MT4 Terminal for PC, Multi terminal for PC, MT4 Terminal for iOS, MT4 for Android, MT4 for Smartphones and MT4 for PDA.
So let’s take a look!
MetaTrader 4 or MT4 remains to be the industry standard in the online trading community and it’s a good thing that it is still offered by PaxForex.
It comes complete with all the essential tools and features so it’s no question why it is still the preferred choice for majority of forex traders today.
The only thing that we wished is for them to offer the WebTrader platform or the web-based version as well.
Here’s the thing:
More and more people are now using mobile phones for their usual activities and this includes online trading which is why it’s a good thing that PaxForex also has apps that can be installed on smartphones that are running on iOS, Android and even Windows Mobile.
How can you actually use this?
The apps pretty much have the same functionalities and most of the trading tools from the PC version and only difference is that the interface has been optimized and adjusted for smaller screens so you can access them more conveniently on your device.
MT4 platforms are third party applications so brokers like PaxForex cannot apply any customized themes, skins or any visual changes to the user interface except for the application logo.
For this category, we instead focused on how user-friendly the MT4 platforms are and overall, we are impressed on how simple it is regardless of where they are installed: PC, notebook, tablet or smartphone.
So, how do you trade with PaxForex’s MT4 platform?
Check out this short animation to see how basic and simple it is to execute an order via the MT4 application. It demonstrates the user trading the EUR/USD FX pair.
The MT4 interface remains to be as straightforward as it is widely known to be.
There are no fancy visual objects that could distract users or any unwanted elements which could slowdown its performance.
It’s no wonder why a lot of traders still prefer MT4.
Tradable Assets 8/10
PaxForex offers access to not only forex but also to a HUGE range of markets.
As of this writing, there are over 100 financial instruments available on their platforms and such diversity of tradable assets will allow you to speculate and invest on a wider scale of opportunities.
Below are the financial instrument categories that you can invest on with this online brokerage firm:
With 60 choices, there are plenty of currency pairs to choose from and this includes all the major pairs (EUR/GBP, EUR/JPY, EUR/USD, USD/JPY and more), crosses (AUD/CAD, CAD/CHF, EUR/AUD, NZD/JPY and SGD/JPY to name a few) and exotics (AUD/DKK, GBP/NOK, USD/PLN, USD/ZAR and others).
Under this category, you’ll be able to trade on spot metals which includes gold and silver. We wished that they added other markets though like crude oil, Brent oil and a few agricultural commodities.
You’ll be able to invest on 9 of the world’s most popular indices including those in the US such as Dow Jones 30, Nasdaq 100 and S&P500. European indices are also available including the Spoxx 50, the UK 100 FTSE, France CAC40, Germany30 (DAX) and Spain 35. There’s also Japan’s Nikkei 225.
There are over 40 stocks available and these companies are listed on the NASDAQ and NYSE stock markets. You can find the biggest equity brands such as Apple, Cisco, Facebook, Alibaba, GE, Pfizer, Tesla, Wells Fargo, Twitter and many more..
Take note: Shares trading is only available for Standard and VIP accounts.
If you want to explore this new asset class then you’ll be glad to know that it is also offered by PaxForex. As of this writing, there are 4 crypto assets available: Bitcoin, Ethereum, Ripple and Litecoin.
But remember this:
Cryptocurrency CFD trading is different from buying/selling cryptocurrencies via a digital exchange.
Minimum Lot Size 10/10
Mini, Standard and VIP accounts have a minimum lot size of 0.01 which is a micro lot. Cent accounts however are given the extra benefit of executing orders with much smaller lot sizes that can go for as low as 0.0001.
This size is ideal for traders who prefer dealing through a greatly smaller lot size to lower down the risks even further.
Keep in mind that:
It’s best to start trading with smaller lots as much as possible particularly if you’re a beginner.
Small lots give you the opportunity to participate in the market with smaller capital but of course, the lower the lot, the lower profit or loss you’ll incur.
Risk management and familiarization are also important so be sure that you are fully aware of the applied risks and the level that you are comfortable with.
In general, a lower risk level is the safest choice for novice traders.
PaxForex doesn’t charge extra trading commissions or hidden fees and best of all, their spreads are tight and very competitive.
Here’s the deal:
The spreads vary and is due to the account type that you’re subscribed to. The minimum spread are as follows:
- Cent: 2.4 pips
- Mini: 1.4 pips
- Standard: 0.4 pips
- VIP: 0.4 pips
What’s interesting is that:
All accounts uses floating (variable) spreads and this will allow traders to take advantage of the tighter spreads as compared to the fixed spreads.
It’s also worth noting that their spreads are some of the lowest in the industry.
The minimum spread is 0.4 pips and the typical spread is 0.8 pips for the EUR/USD pair via the Standard and VIP accounts.
And to keep things simple:
It will be less costly to open or close a trade when you’re dealing with a broker which offers lower spreads.
Quotes Accuracy 10/10
Since your decision to place a buy or sell will greatly depend on the market prices that will be displayed from your broker’s platform, it is essential for you to know that such prices are accurate and are not delayed or lagging.
It also gives you an assurance that they are not doing any manipulation with the market data to change the outcome of your order executions.
Based on the lengthy test that we did on their platforms, the rates were found to be accurate and reliable.
As per their website, their electronic pricing engine updates thrice every second for currency pairs allowing them to reflect the actual global forex market rates.
PaxForex’s platforms were able to provide accurate reflection of current market prices.
But always remember:
Requotes are unavoidable especially when rates are moving quickly then the usual and this happens particularly when there’s breaking news or major press releases which can directly have an influence on the underlying asset’s market value.
Withdrawal Time 10/10
The minimum amount that you can withdraw from your account is $10 and the good news is that PaxForex won’t charge you with transfer fees excluding credit and debit cards.
How to withdraw funds from PaxForex?
It’s very basic and won’t require a lot of effort.
- Login to your PaxForex account and via the client cabinet page, click on “Withdraw Funds”.
- Select the withdraw system that you prefer to use, your MT4 trading account number, the account or wallet where you wish to transfer the funds, the amount that you wish to withdraw and the currency (USD, EUR or GBP).
- Click on the “Withdraw Funds” button.
So how long does it take for PaxForex to process withdrawal requests?
It generally takes 1 working day (from 9:00 to 18:00 GMT+3) for most payment methods including Skill (Moneybookers, Neteller, WebMoney, Perfect Money, QIWI, FasaPay, Bitcoin and Ethereum.
For credit/debit cards and bank transfers however, withdrawals are also processed within 1 working day but it could take 4 to 15 for the funds to be credited on the account.
Their withdrawal processing times are within the standard accepted timeframe and based on our actual tests, they were able to credit back the amount that we requested to be withdrawn on time.
Customer Support 9.5/10
If you want to be with a reliable broker then one good sign is that it offers great customer support.
Availability of the support team is also very important especially if they cater to clients from all across the globe.
As for PaxForex, their support team can be reached via phone, email, live chat and also via the Telegram messaging app.
Their website have the standard contact form where you can leave a message and leave your details so they can respond to you.
There’s the usual phone support which is available 24 hours a day but not on weekends.
When we did our test, we were surprised to get an agent on the line in just a few seconds after dialing their hotline and they were able to provide us with clear and straight to the point answers.
To check their consistency, we also sent them an email with the same queries and in just a few minutes, we were able to get the same answers.
The’re also the live chat which you can easily access via their website.
In terms of speed, we were impress that it also didn’t take long for us to get in touch with a representative who was also able to provide us with the same answers.
Here’s a tip:
If the live chat support is offline, you can use the Leave Message form to post your questions and they will get in touch with you via the contact details that you supplied with your message.
This is a great way to reach the support team during weekends or when they are unavailable so you can expect to get answer from them.
We were very much satisfied with the quality of the customer service from their support team.
The only minor downside is that they are not available during weekends and we also wished that they added more ways to contact them such as Whatsapp, Viber and other popular messaging apps.
Other than that, it’s all good.
Regulation and License 10/10
Laino Group Limited is the name of the company that operates PaxForex and it registered with the Financial Services Authority (FSA) in St.Vincent & the Grenadines with a registration # of 21973 IBC 2014 1510.
Here’s a screenshot of their certificate of incorporation which is published on their website:
Here’s our take:
For a company to post the copy of their actual certificate of incorporation with a regulatory body is a good indication that they would like to be transparent with their clients.
It would certainly be a detriment for the brand if they’ll be sharing fake documents especially if it involves a trusted regulatory authority so this is definitely authentic.
So, let’s not forget this question:
Is PaxForex a scam?
This is one of the most commonly asked questions online about PaxForex and in order to answer this, we’ll take a look at this broker’s brand reputation.
Finding out about the company’s standing in the market will reveal the real credibility of this broker.
If we see a lot of negative comments and complaints then a red flag should be raised but if we see a lot of praises from real clients then it’s another story.
Now let’s look at the facts about PaxForex:
This broker has been in operation since 2010. That’s a decade of existence in this industry and we strongly believe that if this is a dubious company then it should have been gone a long time ago.
But it isn’t, so it’s continuous operation is a strong indication that it REALLY means business.
One more thing…
We’ve done a comprehensive research on a number of comments and reviews from real traders and found out that majority of the feedback that we saw were positive and in favor of this broker.
Here are some of the comments that we found:
PaxForex is also a very popular choice by traders particularly in the USA.
This is because they remain open for American clients and continue to provide forex and CFD trading services.
So to answer the question, PaxForex is a credible broker and is obviously NOT a scam.
Looking at the numbers that they got in our unbiased scoring system, it’s not that hard to see why.
It offers a suite of sophisticated and user-friendly platforms that can be accessed across various devices although we wished that they will support web-based trading to cover all the bases.
The fact that they accept clients from all across the globe including the USA is also one of its numerous advantages since most brands have already closed their doors to traders from specific countries particularly the big apple.
And most notably…
If you’re looking for a brokerage that prioritizes fast and reliable support then you certainly won’t be disappointed with this trading brand.
There are plenty of other attractive features of this broker such as the low minimum deposit, variety of tools, accurate pricing, free daily signals and education so it’s really no wonder why the they gained the approval of the online trading community.
Ultimately, we find PaxForex to be a perfect choice for traders of all experience levels.
Best get started with it right now!